CPG COOPER SQUARE INTERNATIONAL EQUITY, LLC
SCHEDULE OF INVESTMENTS
December 31, 2020 (UNAUDITED)
| Common Stock (76.67%) | Shares | Cost | Fair Value | |||||||||
| Australia (3.53%) | ||||||||||||
| CSL, Ltd. | 2,598 | $ | 547,298 | $ | 567,705 | |||||||
| Treasury Wine Estates, Ltd. | 78,384 | 519,257 | 568,559 | |||||||||
| 1,066,555 | 1,136,264 | |||||||||||
| British Virgin Islands (1.22%) | ||||||||||||
| Everarc Holdings, Ltd.(a) | 28,037 | 364,590 | 392,518 | |||||||||
| China (3.29%) | ||||||||||||
| Alibaba Group Holding, Ltd.(a) | 19,119 | 663,165 | 573,532 | |||||||||
| Tencent Holdings, Ltd. | 6,647 | 502,113 | 483,490 | |||||||||
| 1,165,278 | 1,057,022 | |||||||||||
| France (7.74%) | ||||||||||||
| Edenred | 29,153 | 1,490,711 | 1,655,452 | |||||||||
| Pernod Ricard SA | 4,345 | 742,200 | 833,599 | |||||||||
| 2,232,911 | 2,489,051 | |||||||||||
| Germany (13.28%) | ||||||||||||
| CompuGroup Medical SE & Co. KgaA | 4,455 | 390,191 | 428,442 | |||||||||
| CTS Eventim AG & Co. KGaA(a) | 11,597 | 574,726 | 771,909 | |||||||||
| Merck KGaA | 5,577 | 866,481 | 957,711 | |||||||||
| SAP SE | 10,833 | 1,221,347 | 1,421,171 | |||||||||
| Scout24 AG | 8,451 | 675,385 | 693,312 | |||||||||
| 3,728,130 | 4,272,545 | |||||||||||
| Great Britain (11.66%) | ||||||||||||
| Clarivate PLC(a) | 37,879 | 1,060,479 | 1,125,385 | |||||||||
| Electrocomponents PLC | 68,565 | 675,954 | 815,875 | |||||||||
| IHS Markit, Ltd. | 6,124 | 532,760 | 550,119 | |||||||||
| Melrose Industries PLC(a) | 516,819 | 925,639 | 1,257,862 | |||||||||
| 3,194,832 | 3,749,241 | |||||||||||
| Hong Kong (4.72%) | ||||||||||||
| AIA Group, Ltd. | 123,880 | 1,269,540 | 1,517,775 | |||||||||
| Ireland (3.06%) | ||||||||||||
| CRH PLC | 23,624 | 892,686 | 983,353 | |||||||||
| Common Stock (continued) | Shares | Cost | Fair Value | |||||||||
| Japan (13.47%) | ||||||||||||
| Justsystems Corp. | 5,995 | $ | 400,349 | $ | 416,332 | |||||||
| Keyence Corp. | 630 | 297,984 | 353,915 | |||||||||
| NOF Corp. | 22,775 | 948,506 | 1,153,695 | |||||||||
| Obic Co., Ltd. | 2,640 | 507,989 | 530,071 | |||||||||
| Shimano, Inc. | 2,365 | 549,428 | 551,707 | |||||||||
| Shiseido Co., Ltd. | 7,925 | 503,682 | 547,753 | |||||||||
| Trancom Co., Ltd. | 9,020 | 706,096 | 780,170 | |||||||||
| 3,914,034 | 4,333,643 | |||||||||||
| Netherlands (2.73%) | ||||||||||||
| ASML Holding NV | 1,803 | 715,704 | 877,019 | |||||||||
| Switzerland (4.10%) | ||||||||||||
| Alcon, Inc.(a) | 19,831 | 1,183,922 | 1,320,048 | |||||||||
| United States (7.87%) | ||||||||||||
| Fidelity National Information Services, Inc. | 8,371 | 1,124,850 | 1,184,162 | |||||||||
| PerkinElmer, Inc. | 9,378 | 1,244,620 | 1,345,743 | |||||||||
| 2,369,470 | 2,529,905 | |||||||||||
| Total Common Stock | $ | 22,097,652 | $ | 24,658,384 | ||||||||
| Total Investments (76.67%) | $ | 22,097,652 | $ | 24,658,384 | ||||||||
| Other Assets In Excess of Liabilities (23.33%)(b) | 7,501,654 | |||||||||||
| Net Assets (100.00%) | $ | 32,160,038 | ||||||||||
| (a) | Non-income producing security. |
| (b) | Includes cash which is being held as collateral for total return swap contracts and securities sold short. |
| Industry Composition (December 31, 2020) (Unaudited) | ||||
| IT Services | 10.48 | % | ||
| Software | 5.71 | % | ||
| Professional Services | 5.21 | % | ||
| Insurance | 4.72 | % | ||
| Beverages | 4.36 | % | ||
| Life Sciences Tools & Services | 4.19 | % | ||
| Health Care Equipment & Supplies | 4.10 | % | ||
| Electrical Equipment | 3.91 | % | ||
| Interactive Media & Services | 3.66 | % | ||
| Chemicals | 3.59 | % | ||
| Construction Materials | 3.06 | % | ||
| Pharmaceuticals | 2.98 | % | ||
| Semiconductors & Semiconductor Equipment | 2.73 | % | ||
| Trading Companies & Distributors | 2.54 | % | ||
| Road & Rail | 2.43 | % | ||
| Entertainment | 2.40 | % | ||
| Internet & Direct Marketing Retail | 1.78 | % | ||
| Biotechnology | 1.76 | % | ||
| Leisure Products | 1.71 | % | ||
| Personal Products | 1.70 | % | ||
| Health Care Technology | 1.33 | % | ||
| Capital Markets | 1.22 | % | ||
| Electronic Equipment, Instruments & Components | 1.10 | % | ||
| 76.67 | % | |||
Percentages are based upon common stocks, preferred stocks, corporate bonds, convertible corporate bonds, and U.S. Treasury obligations as a percentage of net assets.
TOTAL RETURN SWAP CONTRACTS
| Counter Party | Reference Entity/Obligation | Currency | Notional Amount | Floating Rate Index | Floating Rate Paid by the Fund | Termination Date | Value | Net Unrealized Appreciation | ||||||||||||||||
| Morgan Stanley | Abcam PLC | USD | $ | (11,042,088 | ) | FEDEF-1D | 50 bps | 12/02/2021 | $ | (11,030,114 | ) | $ | 11,973 | |||||||||||
| Morgan Stanley | Adyen NV | USD | 473,165 | FEDEF-1D | 50 bps | 12/02/2021 | 579,189 | 106,024 | ||||||||||||||||
| Morgan Stanley | Amadeus IT Group SA | USD | (20,464,010 | ) | FEDEF-1D | 50 bps | 12/02/2021 | (20,400,123 | ) | 63,887 | ||||||||||||||
| Morgan Stanley | Ansell, Ltd. | USD | (125,897 | ) | FEDEF-1D | (50) bps | 12/10/2021 | (124,651 | ) | 1,246 | ||||||||||||||
| Morgan Stanley | Auto Trade Group PLC | USD | 88,705 | FEDEF-1D | 50 bps | 01/03/2022 | 95,428 | 6,723 | ||||||||||||||||
| Morgan Stanley | Barry Callebaut AG | USD | 352,273 | FEDEF-1D | 50 bps | 12/23/2021 | 383,098 | 30,825 | ||||||||||||||||
| Morgan Stanley | Becle SAB de CV | USD | (88,551,077 | ) | FEDEF-1D | 130 bps | 12/03/2021 | (88,423,980 | ) | 127,098 | ||||||||||||||
| Morgan Stanley | Bureau Veritas SA | USD | 624,982 | FEDEF-1D | 50 bps | 12/02/2021 | 698,505 | 73,523 | ||||||||||||||||
| Morgan Stanley | Chr Hansen Holding A/S | USD | 396,526 | FEDEF-1D | 50 bps | 12/02/2021 | 405,181 | 8,655 | ||||||||||||||||
| Morgan Stanley | Constellation Software, Inc. | USD | 865,383 | FEDEF-1D | 30 bps | 12/02/2021 | 974,684 | 109,301 | ||||||||||||||||
| Morgan Stanley | Deutsche Boerse AG | USD | 466,669 | FEDEF-1D | 50 bps | 12/20/2021 | 480,975 | 14,306 | ||||||||||||||||
| Morgan Stanley | Duerr AG | USD | (29,667,627 | ) | FEDEF-1D | 30 bps | 12/02/2021 | (29,564,417 | ) | 103,210 | ||||||||||||||
| Morgan Stanley | Experian PLC | USD | 431,152 | FEDEF-1D | 50 bps | 12/27/2021 | 455,018 | 23,866 | ||||||||||||||||
| Morgan Stanley | Kerry Group PLC | USD | (4,295,032 | ) | FEDEF-1D | 50 bps | 12/02/2021 | (4,291,227 | ) | 3,805 | ||||||||||||||
| Morgan Stanley | Koninklijke Philips NV | USD | 597,861 | FEDEF-1D | 50 bps | 12/02/2021 | 652,331 | 54,470 | ||||||||||||||||
| Morgan Stanley | L'Oreal SA | USD | (14,500,052 | ) | FEDEF-1D | 50 bps | 12/02/2021 | (14,480,909 | ) | 19,143 | ||||||||||||||
| Morgan Stanley | MS Swap Consumer Basket Index | USD | (46,776 | ) | FEDEF-1D | (35) bps | 12/02/2021 | (46,540 | ) | 236 | ||||||||||||||
| Morgan Stanley | MS Swap MSSENDUS Basket Index | USD | (409,645 | ) | FEDEF-1D | (30) bps | 12/02/2021 | (407,349 | ) | 2,296 | ||||||||||||||
| Morgan Stanley | Nantex Industry Co., Ltd. | USD | (145,694 | ) | FEDEF-1D | (250) bps | 12/10/2021 | (145,008 | ) | 685 | ||||||||||||||
| Morgan Stanley | Nestle SA | USD | 546,806 | FEDEF-1D | 50 bps | 12/02/2021 | 574,130 | 27,324 | ||||||||||||||||
| Morgan Stanley | Partners Group Holding AG | USD | 342,372 | FEDEF-1D | 50 bps | 12/02/2021 | 403,977 | 61,605 | ||||||||||||||||
| Morgan Stanley | Prudential PLC | USD | 586,006 | FEDEF-1D | 50 bps | 01/03/2022 | 626,185 | 40,179 | ||||||||||||||||
| Morgan Stanley | Reckitt Benckiser Group PLC | USD | 801,613 | FEDEF-1D | 50 bps | 12/02/2021 | 818,846 | 17,233 | ||||||||||||||||
| Morgan Stanley | RELX PLC | USD | 547,510 | FEDEF-1D | 50 bps | 12/02/2021 | 625,183 | 77,673 | ||||||||||||||||
| Morgan Stanley | Safran SA | USD | (50,710,048 | ) | FEDEF-1D | 50 bps | 12/02/2021 | (50,630,059 | ) | 79,989 | ||||||||||||||
| Morgan Stanley | Sensata Technologies Holding PLC | USD | 848,323 | FEDEF-1D | 30 bps | 12/02/2021 | 935,935 | 87,612 | ||||||||||||||||
| Morgan Stanley | Sika AG | USD | 621,494 | FEDEF-1D | 50 bps | 12/02/2021 | 675,574 | 54,080 | ||||||||||||||||
| Morgan Stanley | Taiwan Semiconductor Manufacturing Co., Ltd. | USD | (77,510,801 | ) | FEDEF-1D | 95 bps | 12/02/2021 | (77,370,886 | ) | 139,914 | ||||||||||||||
| Morgan Stanley | Telefonaktiebolaget LM Ericsson | USD | 629,410 | FEDEF-1D | 50 bps | 12/02/2021 | 634,623 | 5,213 | ||||||||||||||||
| Morgan Stanley | Temenos AG | USD | 321,033 | FEDEF-1D | 50 bps | 12/02/2021 | 379,137 | 58,104 | ||||||||||||||||
| Morgan Stanley | TGS NOPEC Geophysical Co. ASA | USD | 177,740 | FEDEF-1D | 50 bps | 12/24/2021 | 187,436 | 9,696 | ||||||||||||||||
| $ | (287,749,721 | ) | $ | (286,329,830 | ) | $ | 1,419,891 | |||||||||||||||||
| Counter Party | Reference Entity/Obligation | Currency | Notional Amount | Floating Rate Index | Floating Rate Paid by the Fund | Termination Date | Value | Net Unrealized Appreciation | ||||||||||||||||
| Morgan Stanley | AU Optronics Corp. | USD | $ | (123,069 | ) | FEDEF-1D | (350) bps | 12/10/2021 | $ | (143,676 | ) | $ | (20,607 | ) | ||||||||||
| Morgan Stanley | Fortescue Metals Group, Ltd. | USD | (340,062 | ) | FEDEF-1D | (50) bps | 12/02/2021 | (441,709 | ) | (101,647 | ) | |||||||||||||
| Morgan Stanley | GS HK Domestic Basket Index | HKD | (210,425 | ) | HONIX-1D | (55) bps | 12/02/2021 | (225,653 | ) | (15,228 | ) | |||||||||||||
| Morgan Stanley | Innolux Corp. | USD | (195,708 | ) | FEDEF-1D | (250) bps | 12/10/2021 | (253,381 | ) | (57,673 | ) | |||||||||||||
| Morgan Stanley | MS Swap EU Luxury Basket Index | EUR | (193,603 | ) | EONIA-1D | (35) bps | 12/02/2021 | (194,818 | ) | (1,215 | ) | |||||||||||||
| Morgan Stanley | MS Swap Japan Retail Basket Index | JPY | (194,784 | ) | MUTSC-1D | (120) bps | 12/02/2021 | (199,545 | ) | (4,761 | ) | |||||||||||||
| Morgan Stanley | Rational AG | USD | 61,334,124 | FEDEF-1D | (40) bps | 12/02/2021 | 61,272,257 | (61,867 | ) | |||||||||||||||
| Morgan Stanley | Societe BIC SA | USD | 228,104 | FEDEF-1D | 50 bps | 12/09/2021 | 216,878 | (11,226 | ) | |||||||||||||||
| Morgan Stanley | STOXX Europe 600 Chemicals Index | USD | (32,530 | ) | FEDEF-1D | (10) bps | 12/02/2021 | (65,060 | ) | (32,530 | ) | |||||||||||||
| $ | 60,272,046 | $ | 59,965,293 | $ | (306,753 | ) | ||||||||||||||||||
| TOTAL | $ | (227,477,675 | ) | $ | (226,364,537 | ) | $ | 1,113,138 | ||||||||||||||||
| Schedule of Securities Sold Short | ||||||||||||
| Shares | Proceeds | Fair Value | ||||||||||
| Common Stocks -31.96% | ||||||||||||
| Australia (0.54%) | ||||||||||||
| BHP Group PLC | (6,555 | ) | $ | (140,073 | ) | $ | (172,487 | ) | ||||
| Belgium (2.06%) | ||||||||||||
| Etablissements Franz Colruyt NV | (11,162 | ) | (658,701 | ) | (661,968 | ) | ||||||
| Canada (0.50%) | ||||||||||||
| Cargojet, Inc. | (951 | ) | (157,080 | ) | (160,364 | ) | ||||||
| Denmark (2.48%) | ||||||||||||
| A P Moller-Maersk AS | (155 | ) | (296,944 | ) | (346,384 | ) | ||||||
| GN Store Nord AS | (2,546 | ) | (195,989 | ) | (203,898 | ) | ||||||
| Novozymes A/S, Class B | (4,318 | ) | (254,881 | ) | (248,071 | ) | ||||||
| (747,814 | ) | (798,353 | ) | |||||||||
| Finland (3.49%) | ||||||||||||
| Orion Oyj, Class B | (14,182 | ) | (627,305 | ) | (651,235 | ) | ||||||
| UPM-Kymmene Oyj | (12,681 | ) | (381,027 | ) | (472,768 | ) | ||||||
| (1,008,332 | ) | (1,124,003 | ) | |||||||||
| France (0.54%) | ||||||||||||
| Kering SA | (239 | ) | (165,968 | ) | (173,819 | ) | ||||||
| Germany (4.80%) | ||||||||||||
| Draegerwerk AG & Co. KGaA | (4,009 | ) | (318,873 | ) | (308,047 | ) | ||||||
| HelloFresh SE | (9,100 | ) | (512,393 | ) | (703,688 | ) | ||||||
| Shares | Proceeds | Fair Value | ||||||||||
| Germany (continued) | ||||||||||||
| HUGO BOSS AG | (1,865 | ) | $ | (47,834 | ) | $ | (62,274 | ) | ||||
| Wacker Chemie AG | (3,294 | ) | (360,355 | ) | (470,546 | ) | ||||||
| (1,239,455 | ) | (1,544,555 | ) | |||||||||
| Great Britain (7.51%) | ||||||||||||
| Domino's Pizza Group PLC | (33,708 | ) | (142,971 | ) | (145,604 | ) | ||||||
| Hargreaves Lansdown PLC | (10,360 | ) | (186,983 | ) | (215,964 | ) | ||||||
| Intercontinental Hotels Group | (3,096 | ) | (174,348 | ) | (198,484 | ) | ||||||
| Kingfisher PLC | (80,374 | ) | (298,975 | ) | (297,081 | ) | ||||||
| Pearson PLC | (86,639 | ) | (633,072 | ) | (805,805 | ) | ||||||
| Rio Tinto PLC | (2,297 | ) | (142,078 | ) | (171,752 | ) | ||||||
| Schroders PLC | (9,819 | ) | (391,577 | ) | (447,895 | ) | ||||||
| Spirax-Sarco Engineering PLC | (869 | ) | (127,444 | ) | (134,171 | ) | ||||||
| (2,097,448 | ) | (2,416,756 | ) | |||||||||
| Italy (0.39%) | ||||||||||||
| Recordati Industria Chimica e Farmaceutica SpA | (2,276 | ) | (119,210 | ) | (126,235 | ) | ||||||
| Japan (2.26%) | ||||||||||||
| Mitsui Chemicals, Inc. | (3,900 | ) | (103,634 | ) | (114,267 | ) | ||||||
| Otsuka Corp. | (2,915 | ) | (140,563 | ) | (153,874 | ) | ||||||
| Pigeon Corp. | (2,900 | ) | (132,223 | ) | (119,517 | ) | ||||||
| Skylark Holdings Co., Ltd. | (6,300 | ) | (91,504 | ) | (97,449 | ) | ||||||
| Sugi Holdings Co., Ltd. | (1,680 | ) | (113,930 | ) | (112,277 | ) | ||||||
| Zensho Holdings Co., Ltd. | (5,000 | ) | (120,568 | ) | (130,224 | ) | ||||||
| (702,422 | ) | (727,608 | ) | |||||||||
| Netherlands (1.92%) | ||||||||||||
| Koninklijke Ahold Delhaize NV | (10,587 | ) | (294,566 | ) | (299,361 | ) | ||||||
| Randstad NV | (4,887 | ) | (309,898 | ) | (318,348 | ) | ||||||
| (604,464 | ) | (617,709 | ) | |||||||||
| Norway (0.42%) | ||||||||||||
| Orkla ASA | (13,351 | ) | (127,509 | ) | (135,663 | ) | ||||||
| Philippines (0.36%) | ||||||||||||
| PLDT, Inc., ADR | (4,178 | ) | (114,311 | ) | (116,608 | ) | ||||||
| Sweden (3.04%) | ||||||||||||
| Electrolux AB, Series B | (13,987 | ) | (328,512 | ) | (325,893 | ) | ||||||
| Husqvarna AB | (25,439 | ) | (269,030 | ) | (329,892 | ) | ||||||
| ICA Gruppen AB | (4,946 | ) | (232,781 | ) | (247,464 | ) | ||||||
| SKF AB | (2,848 | ) | (63,353 | ) | (74,004 | ) | ||||||
| (893,676 | ) | (977,253 | ) | |||||||||
| Switzerland (1.67%) | ||||||||||||
| Belimo Holding AG | (8 | ) | (61,344 | ) | (69,506 | ) | ||||||
| Shares | Proceeds | Fair Value | ||||||||||
| Switzerland (continued) | ||||||||||||
| EMS-Chemie Holding AG | (70 | ) | $ | (61,814 | ) | $ | (67,549 | ) | ||||
| Swisscom AG | (741 | ) | (382,412 | ) | (399,945 | ) | ||||||
| (505,570 | ) | (537,000 | ) | |||||||||
| Total Common Stocks | ||||||||||||
| (9,282,033 | ) | (10,290,381 | ) | |||||||||
| Exchange Traded Funds (4.71%) | ||||||||||||
| Invesco DB US Dollar Index Bullish Fund | (13,530 | ) | (340,487 | ) | (327,967 | ) | ||||||
| Invesco STOXX Europe 600 Optimised Health Care UCITS ETF | (434 | ) | (145,409 | ) | (157,288 | ) | ||||||
| iShares® MSCI ACWI ex US ETF | (3,711 | ) | (177,481 | ) | (196,831 | ) | ||||||
| iShares® MSCI Brazil ETF | (6,541 | ) | (193,431 | ) | (242,475 | ) | ||||||
| Vanguard® FTSE Europe ETF | (1,631 | ) | (89,037 | ) | (98,251 | ) | ||||||
| Vanguard® Total International Stock ETF | (3,827 | ) | (207,338 | ) | (230,232 | ) | ||||||
| WisdomTree India Earnings Fund | (8,937 | ) | (221,990 | ) | (261,050 | ) | ||||||
| Total Exchange Traded Funds | ||||||||||||
| $ | (1,375,173 | ) | $ | (1,514,094 | ) | |||||||
| Schedule of Securities Sold Short (36.69%) | ||||||||||||
| (Proceeds $10,657,206) | $ | (10,657,206 | ) | $ | (11,804,475 | ) | ||||||
| Industry Composition (December 31, 2020) (Unaudited) | ||||
| Building Products | -0.22 | % | ||
| Wireless Telecommunication Services | -0.36 | % | ||
| Household Products | -0.37 | % | ||
| Food Products | -0.42 | % | ||
| IT Services | -0.48 | % | ||
| Air Freight & Logistics | -0.50 | % | ||
| Machinery | -0.65 | % | ||
| Textiles, Apparel & Luxury Goods | -0.73 | % | ||
| Specialty Retail | -0.92 | % | ||
| Professional Services | -0.99 | % | ||
| Metals & Mining | -1.07 | % | ||
| Marine | -1.08 | % | ||
| Diversified Telecommunication Services | -1.24 | % | ||
| Paper & Forest Products | -1.47 | % | ||
| Health Care Equipment & Supplies | -1.59 | % | ||
| Hotels, Restaurants & Leisure | -1.77 | % | ||
| Household Durables | -2.04 | % | ||
| Capital Markets | -2.06 | % | ||
| Internet & Direct Marketing Retail | -2.19 | % | ||
| Pharmaceuticals | -2.41 | % | ||
| Media | -2.51 | % | ||
| Chemicals | -2.80 | % | ||
| Food & Staples Retailing | -4.11 | % | ||
| NA | -4.71 | % | ||
| -36.69 | % | |||
| Percentages are based upon net assets. | ||
| See accompanying Notes to Schedule of Investments. | ||
CPG COOPER SQUARE INTERNATIONAL EQUITY, LLC
NOTES TO SCHEDULE OF INVESTMENTS
December 31, 2020 (UNAUDITED)
The following is a summary of significant accounting policies followed by the CPG Cooper Square International Equity, LLC (the “Fund”) in the preparation of its Schedule of Investments. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Fund meets the definition of an investment company and follows the accounting and reporting guidance as issued through Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies.
The Fund values its investments in investment funds at fair value in accordance with FASB ASC 820, Fair Value Measurement (“ASC 820”).
ASC 820 defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in valuing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observation of the inputs which are significant to the overall valuation.
The three-tier hierarchy of inputs is summarized below:
| • | Level 1 — unadjusted quoted prices in active markets for identical financial instruments that the reporting entity has the ability to access at the measurement date. |
| • | Level 2 — inputs other than quoted prices included within Level 1 that are observable for the financial instrument, either directly or indirectly. Level 2 inputs also include quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active. |
| • | Level 3 — significant unobservable inputs for the financial instrument (including Management’s own assumptions in determining the fair value of investments). |
Equity securities, including common stocks and closed-end funds are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices more accurately reflect the fair market value of such securities. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Funds will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser or valuation committee in conformity with guidelines adopted by and subject to review by the Board. These securities will be categorized as Level 3 securities.
The following is a summary of the inputs used at December 31, 2020 in valuing the Fund’s assets and liabilities:
| Investments in Securities at Value | Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | 24,658,384 | – | – | 24,658,384 | ||||||||||||
| TOTAL | $ | 24,658,384 | $ | – | $ | – | $ | 24,658,384 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Total Return Swap Contracts(a) | – | 1,419,891 | – | 1,419,891 | ||||||||||||
| Liabilities | ||||||||||||||||
| Securities Sold Short | ||||||||||||||||
| Common Stocks | (10,290,381 | ) | – | – | (10,290,381 | ) | ||||||||||
| Exchange Traded Funds | (1,514,094 | ) | – | – | (1,514,094 | ) | ||||||||||
| Total Return Swap Contracts(a) | – | (306,753 | ) | – | (306,753 | ) | ||||||||||
| TOTAL | $ | (11,804,475 | ) | $ | 1,113,138 | $ | – | $ | (10,691,337 | ) | ||||||
| (a) | Swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. |
